Common use of Preauthorized Electronic Payments Clause in Contracts

Preauthorized Electronic Payments. You may authorize a third party to electronically debit payments of specific amounts from your account (excluding certain accounts such as time deposit accounts or IRAs) on a one-time or continuing periodic basis. To arrange for this service, you should contact the person or company you will be paying. Depending on the type of account you have, there may be a charge for this service. If your account has transaction limitations (such as savings or money market accounts), you should be careful that these electronic payments do not inadvertently cause you to exceed the number of permitted transactions on your account.

Preauthorized Electronic Payments. You may authorize a third party to electronically debit payments of specific amounts from your account (excluding certain accounts such as time deposit accounts deposits or IRAs) on a one-time or continuing periodic basis. To arrange for this service, you should contact the person or company you will be paying. Depending on the type of account you have, there may be a charge service fee for this service. If your account has transaction limitations (such as savings or money market accounts), you should be careful that these electronic payments do not inadvertently cause you to exceed the number of permitted transactions on your account.